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One of the most important functions of management is planning. Without it, your business will be heading to nowhere. It is said that “If you don’t know where you’re going, no road will get you there, there would be nothing to organize, no one to actuate and no need to control” When you plan, you’re said to be thinking before doing and deciding in advance what is to be done. It is concerned with how it’s to be done, when it’s to be done and who is to do it. So, let’s say that it answers the questions of what, when, and who.

For me to define it for you, I will borrow the definition from Haimann who says ” Planning is deciding in advance what is to be done, when a manager plans, he projects a course of action for the future, attempting to achieve a consistent, coordinated structure of operations aimed at the desired results”

The reasons why you should a plan in your business are as follows:

It will make your business management to achieve its objectives without many problems as it provides a focused guidance. Your business will stay away from aimless activities. Your business uncertainties will be greatly minimized. You won’t face substantial losses in your business as you have already planned on how to go about them.

The activities of your management will be running orderly and purposely. They will be done in the possible minimum time and the departments of your business will not be experiencing any wastage of resources thus your business will be operating economically and efficiently. Planning makes your business to be in control. It will clearly specify the targets to be achieved and these targets will be achieved only through control which is as result of planning.

Through planning your business is able to adopt technical development. Obsolete and old machines will be replaced with new ones if you have a plan in your business.

How your Business Plan Should Be:

It should be definite and objective-The statement that lays down your objectives should be clear and definite.

It should be simple-Express it in an understandable language which is not complicated. If you complicate it then it will be complicated to your staff too resulting to nothing done in your business levels of management.

It should be comprehensive-Make it to be detailed with all the necessaries that are required in the attainment of the objectives.

It should be flexible-If you make your plan to be rigid then it won’t be able to accommodate the future uncertainties of your business. So, make it broad enough to meet the challenges that will occur in the future.

It should be economical-Make it to recover its costs. It should result in the least operating costs.

It should establish standards-Your plan should lay down the standards to be achieved. Use these standards to compare with the actual performance achieved. If there are any deviations, then you should note them down for later corrections.

It should be practicable-Make your plan to be realistic. When formulating it, keep in view the limitations of planning.

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